Jubilee Metals Group, a diversified metals producer with operations in South Africa and Zambia, has received a conditional binding offer of up to $90 million from a private mining and metals trading company for its South African chrome and platinum group metals (PGM) operations.
The proposed transaction, subject to final agreements and shareholder approval, would allow Jubilee to retain rights to the Tjate Platinum project while accelerating its copper strategy in Zambia.
The Jubilee board has endorsed the offer's value proposition and is reviewing its dividend policy for potential future shareholder distributions.
A detailed circular will be provided to shareholders in due course.
The South African chrome and PGM business, now mature with limited growth prospects, primarily processes third-party ores.
In contrast, Zambia offers substantial copper expansion opportunities aligned with global electrification trends. Jubilee’s Zambian assets—including the Roan concentrator (35,000–40,000 tonnes per month feedstock), Munkoyo mine (3,500 tonnes of high-grade copper monthly), and Project G (open-pit expansion)—are poised to capitalise on strong copper demand and margins.
"The board has reviewed the terms of the offer and feel it is an opportune time to accept a fair value offer for the chrome and PGM operations at a time when the two segments of the company are on markedly divergent paths,” said Jubilee's chief executive Leon Coetzer.
“After years of effort and investment, the South African business has reached a stage of maturity that would require a large capital outlay to achieve any step change in production going forward.”
Mathew Nyaungwa, Editor-In-Chief, Rough & Polished
